Question
Toowoomba Furniture (TF) reported sales revenue of $ 3.2 million for the year ended 30 th June 2022. In preparing the financial statements, the following
Toowoomba Furniture (TF) reported sales revenue of $ 3.2 million for the year ended 30th June 2022. In preparing the financial statements, the following matters are considered:
a) Income tax expense for the year ended 30th June 2022 was $ 43,728.
b) Financial restructuring has resulted in the disposal of land, bought in 2003 for the expansion, for a profit of $40,000.
c) A dividend of $ 5,200 has been received from a subsidiary company.
d) Other expenses incurred:
Interest | $ 96,000 |
Wages and salaries | 1,098,400 |
Selling expenses | 500,000 |
Administration expenses | 20,000 |
Bad debt | 40,000 |
Other expenses | 88,000 |
Electricity/water | 96,000 |
Cost of Sales | 1,000,000 |
e) On 10 October 2022 plant with a carrying amount of $64,000 was destroyed by a fire.
f) During the period non-current asset were re-valued upward by a net $ 24,000.
g) The foreign currency translation reserve reduced by $12,000 as a result of translating the financial statement of a foreign operation.
h) Balance of retained earnings as at 1 July 2021 was $113,400.
Required: Prepare a statement of comprehensive income in accordance with the requirement of AASB 101. (18 Marks)
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